issue 18 september 2012
10 EDITORIAL 12 UP FRONT
E T O R E H W
INVEST? Wealth Preservation and Investment in Difficult Economic Times INVESTING IN HARD TIMES By Dr. Don Taylor
+ OPINION THE TIMES THEY ARE A-CHANGING… by Demosthenes Mavrellis 40 DELUSIONAL HIGHS by Savvas Savouri
42
CHINA TO THE RESCUE! by Chris Hadjikyriacou 64
26
POINT OF CONTACT by Peter Economides 90
RISKY BUSINESS What investors need to understand before parting with their money 30
18
NOW IS THE TIME Ethical and alternative investments are seeing a surge in popularity 32 It is an
time
important
to rise
for
Cyprus
to the
occasion and repeat
the
86
benefits
of
56
its
comparative
trust
advantages
FEATURE
54
36 | CHINESE WHISPERS
56 | A STEP IN THE RIGHT DIRECTION
Profile of Yang Qi
50 | Limassol Economic Forum ‘What next for Europe?’
Interview with Emily Yiolitis, newly-elected Chairwoman of the Cyprus branch of the Society of Trust and Estate Practitioners (STEP).
54 | THE CHALLENGE OF CONNECTED TV
60 | THE RELUCTANT ACCOUNTANT
A major conference co-organised by the European Commission and the Cyprus RadioTelevision Authority will help determine the future of television.
Interview with Loizos-Andreas Hajiloizos, Group Internal Audit Manager with Nest Investments (Holdings) Ltd
68 72 78 82 86
{money} {business} {economy} {tax&legal} {lifestyle}
8 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS
contents.indd 8
31/08/2012 16:17
{september 2012}
ISSUE
18
86
+ BOOK REVIEW MONEY: The Trouble with Markets: Saving Capitalism From Itself By Roger Bootle
70
ECONOMY: Grand Pursuit: The Story of the People Who Made Modern Economics: A Story of Economic Genius By Sylvia Nasar 81
68
{money}
68 Eurozone: Back to Black The combination of public debt, a banking crisis, and an economic crisis impedes quick solutions.
72
78
72 Lufthansa Group reports upward trend in earnings Losses reduced to €20 million. 75 Pearly Queen of the City’s season of celebrity bloggers Vanessa Vallely is one of the most wellconnected women in the City of London.
78 Challenging Times for Business Interview with Joseph F.X. Zahra.
82
82 China and the Cyprus Connection Foreign and Chinese investors alike can make the most of business opportunities by using Cyprus. 84 Top Rates of Income Tax How much you pay from Aruba to the UAR.
86
{lifestyle}
86 Death by Smartphone Despite the demise of the camera, we are all photographers in the digital age. 88 Island Life for Billionaires Eight business tycoons who own private islands around the world.
THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES OF CYPRUS
gold_plus.indd 67
89
{economy}
{tax&legal}
{business}
LIFESTYLE: Skios By Michael Frayn
Gold 67
31/08/2012 12:36